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FORM 3 OMB APPROVAL
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|_| Check this box if no longer OMB Number 3235-0104
subject to Section 16. Form 4 Expires: April 30, 1997
or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response...0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
<TABLE>
<S> <C> <C>
- ------------------------------------------ ------------------------------------------- ------------------------------------------
1. Name and Address of Reporting Person 2. Date of Event 4. Issuer Name and Ticker or Trading Symbol
Requiring
(Month/Day/Year)
Farbman, Steven 07/28/99 News Communications, Inc. (NCOM)
- ------------------------------------------ ------------------ --------------------------------------------------------------
(First) (First) (Middle) 3. IRS or Social 5. Relationship of Reporting Person 6. If Amendment, Date of
News Communications, Inc. Security Number to Issuer (Check all applicable) Original
174-15 Horace Harding Expressway of Reporting __X___ Director ___X___ 10% Owner (Month/Day/Year)
- ------------------------------------------ Person __X___ Officer _______ Other
(Street) (Voluntary) (give title (specify 7. Individual or Joint/
below) below) Group
Fresh Meadows, New York 11365 Filing (Check App-
- ------------------------------------------ President and Chief Executive Officer licable Line)
(City) (State) (Zip) ------------------------------------- _X_ Form filed by
One Reporting Person
___ Form filed by
More than One
Reporting Person
------------------ ------------------------ ------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Table I - Non-Derivative Securities Beneficially Owned
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- -------------------------- ---------------- ------------ ----------------------------------- --------------- ------------- ---------
1. Title of Security 2. Amount of 3. Owner- 4. Nature of
(Instr. 4) Securities ship Indirect
Beneficially Form: Beneficial
owned at Direct Ownership
End of Month (D) or (Instr. 5)
(Instr. 4) Indirect
(I)
(Instr. 5)
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
Common Stock, $.01 par value 250,000(1) D
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
SEC 1474 (7-96)
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Page 1 of 2
<PAGE>
<TABLE>
<CAPTION>
FORM 3 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C>
- ----------------- ---------- ----------------- ------------ ----------------- ------------
1.Title of Deri- 2.Date 3.Title and Amount 4.Conversion 5.Ownership 6.Nature of
vative Security Exercis- of Securities or Exercise Form of Beneficial
(Instr.4) able and Underlying Price of Derivative Indirect
Expiration Derivative Derivative Security: Ownership
Date Security (Instr. 4) Security Direct (D) (Instr. 5)
(Month/Day/ or Indirect (I)
Year) (Instr. 5)
------ ----- ----------------
Date Expi- Title Amount
Exer- ration or Number
cisable Date of Shares
- -------------- ------- ----- -------- -------- ------------- ---------------- -------------
Employee Stock (2) 7/28/09 Common 830,000 $1.8125 D
Options (right Stock
to buy)
- -------------- ------- ----- -------- ------- -------------- --------------- --------
</TABLE>
Explanation of Responses:
(1) The shares shall vest as to 50% on July 28, 2001, so long as the
reporting person remains an employee of the issuer on such dates. In
addition to becoming an officer and director of the Issuer, Mr. Farbman
is filing this Form 4, because for Section 16 filing purposes, he became
a 10% beneficial owner upon becoming a member of a group owning 10%
collectively.
(2) The options shall vest in four equal installments of 207,500 shares
commencing on July 28, 2000 and occurring on July 28 of the following
three years until all of the options have vested.
By: /s/ Steve Farbman 8/6/99
----------------------------- ------
**(Signature of Reporting Person) Date
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed. If space provided is insufficient, see Instruction 6 for
procedure.
Potential persons who are to respond to the collection contained in this form
are not required to respond unless the form displays valid OMB Number.
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